SRS Real Estate Partners Facilitates $20.75 Million Target Ground Lease Sale in Long Island
SRS Real Estate Partners closed a $20.75 million ground lease sale of a Target property in Sayville, NY, highlighting strong investor demand for top-tier credit single-tenant net leased assets in affluent markets with high barriers to entry.
SRS Real Estate Partners announced the $20.75 million ground lease sale of a 145,000-square-foot property occupied by Target at 5750 Sunrise Highway in Sayville, NY. The transaction, representing the only free-standing Target sale nationally in the past three years, underscores continued investor appetite for high-quality retail assets with corporate guarantees. Calvin Short of SRS Capital Markets and Jeff Christian of First Street, Inc. represented the California-based private seller, while the buyer, also from California, was represented by Tyler Leeson and Peter Deltondo at Marcus & Millichap.
The property, built in 2014 on 12.14 acres, features approximately 14 years remaining on Target's absolute triple net, corporate-guaranteed lease. According to Short, this Target location ranks in the top 10% nationally for the brand based on data from Placer.ai, reinforcing the asset's premium positioning. The sale attracted multiple offers, predominantly from New York buyers, though the strongest offer came from the California-based purchaser who recently exited multifamily investments.
Strategically situated in an affluent, dense trade area with high barriers to entry for new development, the property benefits from proximity to The Shops at SunVet mall, which features Whole Foods and Sephora, as well as major retailers like Costco, Home Depot, and Home Goods. Its location near Sunrise Highway and role as a gateway to Fire Island, a tourism destination drawing millions annually, further enhance its value. This transaction reflects broader trends in the single-tenant net leased market, where investors prioritize properties with strong credit tenants in demographically favorable locations. For more information about SRS Real Estate Partners, visit srsre.com.
SRS Capital Markets has completed over $1.5 billion in deal volume this year through more than 350 transactions nationwide. The firm currently markets over 845 properties with a total value exceeding $3.7 billion, demonstrating its significant role in the commercial real estate sector. The successful closure of this deal emphasizes the resilience of investment demand for well-located retail assets backed by national tenants, even amid evolving market conditions.